STAPLETON, Colo. — Punch Bowl Social won’t reopen in Stapleton, where it renovated the former air traffic control tower into a 16,000-square-foot restaurant with bowling and arcade games.
The company still hopes to reopen the original location at 65 Broadway, which opened in 2012, when Denver loosens pandemic protocols.
“We are not willing to move forward with any landlords where we don’t think the economics align for both the current stand and the landscape for the next three years,” Founder and CEO Robert Thompson said. “We are just not willing to risk losing money on the future location given how much money thousands of other restaurant companies are losing today.”
Punch Bowl, which has 20 restaurants and two under construction, also is bailing on a location in a Chicago suburb that shares the same landlord at Stapleton – EPR Properties.
Thompson said he’s optimistic the Broadway location can reopen because the costs to the landlord are lower: Punch Bowl paid for the entire build-out, he said. On some of the newer deals, landlords cover part of the renovation costs, he said.
Thompson said he thinks a recovery in his business will take years as municipalities move from pandemic mode to restrictive guideline mode.
Read more at BusinessDen.com.